The period between 1996 and 2009 was marked by a series of shifts in Danish and European energy policy with lasting consequences for the Danish energy sector. On the one hand, the period is characterized by a stronger coupling of Danish energy policy to the policy of the EU. This stronger presence of the “EU circle” formed the underlying political direction for the whole period. On the other hand, anticipation of EU policies as well as strong ethical fluctuations in the domestic energy policy created a somewhat tumultuous environment for the Danish energy sector. Thus, the period can be looked at from the perspective of a series of turnabouts, which had profound consequences for the whole energy sector, and in particular for renewable energy. What can be learned is that the “ethics of liberalization” in terms of greater competition, lower consumer prices, and more liberal trade of electricity and gas have been self-fulfilling to a limited extent only. Even though the Danish experiments with liberalizing climate mitigation and renewable energy development showed the limits of applying partly (later on fully) neo-liberal approaches to issues surrounding public goods and public interests, Denmark emerged out of the turmoil with one of the most ambitious energy policy goals thus far.